You are basically talking about "Board Butter", which is widely used to condition and maintain end-grain cutting boards (and other wood kitchen tools.) There are many recipes with different ratios to affect the texture of the resulting mix. It seems like I've seen people recommending everywhere from 1:1 (50/50) to 1:7 Beeswax to Mineral Oil. I've tried some 1:7 and it is very soft and creamy. It goes on very well, seems to soak in end-grain well, but doesn't really harden completely. I also have some that is, I think, 1:1 and it is really hard to smooth on a cutting board. (I usually heat it in a microwave to soften it.) But it seems a little less gooey once on the board, though I don't think it dries completely. 1:1 might friction polish very well on a lathe. (I remember Richard Raffan friction polishing a bowl with just beeswax on one of his videos. At least when he did it, it left a really nice warm luster finish.)

Some board butter discussion:

Saya and wa handle care
Cheap but good board butter

(at Kitchen Knife Forums.)

Also Christopher Schwarz has used and written about a beeswax and turps soft wax. If you search his blogs, you should find a number of his articles which describe a couple recipes and his results using it as a finish.